I realized that I did not come back and give you an update on the PROPSTREAM program.
It has proven to be a valuable asset to my research on markets. Most recently the housing market has changed considerable. Numerous markets throughout the country have seen double digit growth in home prices. This has encouraged some home owners to come back into the market and put their homes up for sale often asking considerably more than an investor would be willing to pay. Those homes that are still upside down on their value (i.e. more owed on property than market price value) may not be back on the market yet. Only up-side-down homeowners who HAVE to sell are going to put their home on the market as long as they can still pay their mortgage. Many of them have chosen to rent out their homes if they have to move or want to move up.
This has resulted in a dwindling supply of homes for sale. Bidding wars and offers above the asking price are common.
Propstream has proved useful to analyze where the active markets are located. Under the TRENDS button you can select the HEAT MAP as you view the country. Next set the Metric: 5 Year Growth, On/Off: X Heat Map. As you look at the map of the country you see a color code of the growth activity. You can scroll in to the areas that have the red coloring. These are the areas that are having growth of 100% or more over the five years. You can also select 6 month, 1 year, 3 year and 5 year growth. In this way you can see where the hot spots are across the country.
You can zoom in onto the areas that interest you. As expected the Southwest Coast and Northeast Coast are the two biggest areas for price growth. Florida shows a lot of growth as well.
This is all very helpful in trying to see where you might want to put your energies. Do you want to go for the mundane blue middle of the country, or the hot red area around San Jose CA?
We all know that ANYTHING ANYWHERE (with the possible exception of Hawaii and New York) is cheaper than Southern California, but SoCal is also where you are going to get your biggest bang for the buck, that is, possibly make the most profit.
My main complaint about PropStream is that I don’t know if the software designers are keeping up with the new operating systems. I never get any updates or notice of updates. I wanted to put PropStream on a different computer but found it did not work on that system so I had to go back to the original computer. Also I have to reload the program every time I want to use it. It could just be that I am not geek enough to fix the problem and too broke to take it into Best Buy Geek Squad. As long as it works I will leave it the way it is.